Stock Analyst, Ismail Iqbal Pvt Ltd, Sadiq Rashid told APP that the profit-booking led the bearish rally in the local equity market because of the consecutive upward trend in the selected blue chips company.

He said that there were not any negative sentiments in the local markets because the buying was seemed at the lower level of index.

"Pakistan Oilfields Ltd (POL) announced 1st Quarter of current financial year earning per share (EPS) of Rs14.61 showing an increase of 55 percent as compared to an EPS of Rs9.44 in the corresponding period last year", he added.

Analyst, Association for Investors' Awareness, Faheem Akhtar said that today (Wednesday) the markets witnessed technical correction because the index remained at upper level for many days.

"Results season is likely to avert any severe damage to local market", he added.

He said that keeping view the earning of blue chips especially oil and banks could be the best for holing for long-term.

Total shares traded were 155,776, which was up by 82,176 against the closing of a day earlier.

Out of 120 companies, the price of 34 was increased while the price of 86 decreased.

The price top gainer Unilever Pakistan was increased by Rs57.79 while the price of top loser Millat Tractors decreased by Rs10.07.

Fatima Fertilizer, P.T.C.L and Engro Corporation remained volume leader on Wednesday, with volume of 81,500, 25,554 and 12,500 shares respectively.

Copyright APP (Associated Press of Pakistan), 2011